Silverfin false 31/03/2023 01/04/2022 31/03/2023 S D Gordon 08/10/2002 M Jacobs 08/10/2002 20 March 2024 The company's principal activity continued to be that of trading in financial futures and providing desks and associated services to self-employed traders. 04556568 2023-03-31 04556568 bus:Director1 2023-03-31 04556568 bus:Director2 2023-03-31 04556568 2022-03-31 04556568 core:CurrentFinancialInstruments 2023-03-31 04556568 core:CurrentFinancialInstruments 2022-03-31 04556568 core:Non-currentFinancialInstruments 2023-03-31 04556568 core:Non-currentFinancialInstruments 2022-03-31 04556568 core:ShareCapital 2023-03-31 04556568 core:ShareCapital 2022-03-31 04556568 core:CapitalRedemptionReserve 2023-03-31 04556568 core:CapitalRedemptionReserve 2022-03-31 04556568 core:RetainedEarningsAccumulatedLosses 2023-03-31 04556568 core:RetainedEarningsAccumulatedLosses 2022-03-31 04556568 core:LandBuildings 2022-03-31 04556568 core:OtherPropertyPlantEquipment 2022-03-31 04556568 core:LandBuildings 2023-03-31 04556568 core:OtherPropertyPlantEquipment 2023-03-31 04556568 bus:OrdinaryShareClass1 2023-03-31 04556568 core:WithinOneYear 2023-03-31 04556568 core:WithinOneYear 2022-03-31 04556568 core:BetweenOneFiveYears 2023-03-31 04556568 core:BetweenOneFiveYears 2022-03-31 04556568 core:MoreThanFiveYears 2023-03-31 04556568 core:MoreThanFiveYears 2022-03-31 04556568 2022-04-01 2023-03-31 04556568 bus:FullAccounts 2022-04-01 2023-03-31 04556568 bus:SmallEntities 2022-04-01 2023-03-31 04556568 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 04556568 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 04556568 bus:Director1 2022-04-01 2023-03-31 04556568 bus:Director2 2022-04-01 2023-03-31 04556568 core:LandBuildings core:BottomRangeValue 2022-04-01 2023-03-31 04556568 core:LandBuildings core:TopRangeValue 2022-04-01 2023-03-31 04556568 core:OtherPropertyPlantEquipment core:BottomRangeValue 2022-04-01 2023-03-31 04556568 core:OtherPropertyPlantEquipment core:TopRangeValue 2022-04-01 2023-03-31 04556568 2021-04-01 2022-03-31 04556568 core:LandBuildings 2022-04-01 2023-03-31 04556568 core:OtherPropertyPlantEquipment 2022-04-01 2023-03-31 04556568 core:CurrentFinancialInstruments 2022-04-01 2023-03-31 04556568 core:Non-currentFinancialInstruments 2022-04-01 2023-03-31 04556568 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 04556568 bus:OrdinaryShareClass1 2021-04-01 2022-03-31 04556568 1 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 04556568 (England and Wales)

MET TRADERS LIMITED

Unaudited Financial Statements
For the financial year ended 31 March 2023
Pages for filing with the registrar

MET TRADERS LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2023

Contents

MET TRADERS LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 March 2023
MET TRADERS LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 March 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 16,177 5,906
16,177 5,906
Current assets
Debtors
- due within one year 4 2,633,702 2,244,335
- due after more than one year 4 565,735 565,735
Cash at bank and in hand 5 1,126,749 1,883,962
4,326,186 4,694,032
Creditors: amounts falling due within one year 6 ( 3,477,909) ( 3,206,752)
Net current assets 848,277 1,487,280
Total assets less current liabilities 864,454 1,493,186
Creditors: amounts falling due after more than one year 7 ( 238,795) ( 1,332,190)
Net assets 625,659 160,996
Capital and reserves
Called-up share capital 8 45 45
Capital redemption reserve 156 156
Profit and loss account 625,458 160,795
Total shareholders' funds 625,659 160,996

For the financial year ending 31 March 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of MET Traders Limited (registered number: 04556568) were approved and authorised for issue by the Board of Directors. They were signed on its behalf by:

S D Gordon
Director

20 March 2024

MET TRADERS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2023
MET TRADERS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

Going concern

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The Company has net assets of £625,659 at 31 March 2023. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and have also confirmed that they will support the business with cash injections if required. In the opinion of the directors, the company is able to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements.

Therefore, the directors consider the use of the going concern basis to be appropriate.

Foreign currency

The Company's functional and presentational currency is GBP.

Foreign currency transactions are translated into the functional currency using average monthly exchange rates.

At each period end foreign currency monetary items are translated using the closing rate. Nonmonetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Statement of Income and Retained Earnings except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Income and Retained Earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in the Statement of Income and Retained Earnings within 'other operating income'.

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

In accordance with accepted practise, the profits and losses from trading activities include unrealised profits and losses at the period end, as open positions are included at market value.

Interest income

Interest income is recognized in profit or loss using the effective interest method.

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Taxation

Current tax
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings 5 - 6 years straight line
Plant and machinery etc. 3 - 5 years straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Leases

The Company as lessee
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognized on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

The Company has taken advantage of the optional exemption available on transition to FRS 102 which allows lease incentives on leases entered into before the date of transition to the standard 01 April 2020 to continue to be charged over the period to the first market rent review rather than the term of the lease.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings.

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Included in cash and cash equivalents are amounts held at the clearing agents in respect of any net trading activities undertaken by the company.

Financial instruments

The Company only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors and loans to and from related parties.

Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Statement of Income and Retained Earnings/Statement of Comprehensive Income.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities
Basic financial liabilities, including trade and other creditors, accruals and amounts due to related companies, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.

Grants of a revenue nature are recognized in the Statement of Income and Retained Earnings in the same period as the related expenditure.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 3 2

3. Tangible assets

Land and buildings Plant and machinery etc. Total
£ £ £
Cost
At 01 April 2022 331,204 612,546 943,750
Additions 0 16,285 16,285
At 31 March 2023 331,204 628,831 960,035
Accumulated depreciation
At 01 April 2022 331,204 606,640 937,844
Charge for the financial year 0 6,014 6,014
At 31 March 2023 331,204 612,654 943,858
Net book value
At 31 March 2023 0 16,177 16,177
At 31 March 2022 0 5,906 5,906

4. Debtors

2023 2022
£ £
Debtors: amounts falling due within one year
Amounts owed by directors 1,458,595 1,352,068
Prepayments and accrued income 328,517 232,327
VAT recoverable 22,022 13,826
Other debtors 824,568 646,114
2,633,702 2,244,335
Debtors: amounts falling due after more than one year
Other debtors 565,735 565,735

5. Cash and cash equivalents

2023 2022
£ £
Cash at bank and in hand 1,126,749 1,883,962
Less: Bank overdrafts ( 56,059) ( 74,957)
1,070,690 1,809,005

Included within cash and cash equivalents is £755,412 (2022: £1,866,410) held with third party entities through whom the company clears.

6. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans and overdrafts 105,700 124,957
Trade creditors 86,801 62,104
Other loans 1,012,065 205,663
Accruals and deferred income 1,772,704 2,372,671
Corporation tax 444,156 395,075
Other taxation and social security 1,669 0
Other creditors 54,814 46,282
3,477,909 3,206,752

Included within other loans in the above analysis is a loan of £950,000 (2022: £150,000) which is secured by fixed and floating charges against the company's assets.

7. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans 114,945 158,333
Other loans 123,850 1,173,857
238,795 1,332,190

Included within other loans is a loan of £Nil (2022: £997,643) which is secured by fixed and floating charges against the company's assets.

8. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
4,500 Ordinary shares of £ 0.01 each 45 45

9. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

2023 2022
£ £
within one year 4,670 4,670
between one and five years 3,113 4,670
after five years 0 3,113
7,783 12,453

Pensions

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £Nil (2022: £Nil).

During the year, the company also made pension contributions to the private pensions of directors totalling £10,000 (2022: £16,079).

10. Related party transactions

Transactions with the entity's directors

2023 2022
£ £
Included within debtors due within one year - amounts due from directors 1,458,596 1,352,068

The movement comprises amounts advanced of £79,181 (2022: £40,327) and repayments of £Nil (2022: £465,000). Interest has been charged at the rate of 2% per annum (2022: 2%) on the overdrawn positions and amounts to £27,347 (2022: £30,675). These loans are unsecured and repayable on demand.

Other related party transactions

2023 2022
£ £
Included within debtors due within one year - amounts owed by entities controlled by the directors 763,538 452,591
Included within creditors due within one year - amounts owed to entities controlled by the directors 10,500 7,680
Included within creditors due within one year - amounts owed to an unincorporated partnership in which the directors have a participating interest 31,740 33,461

These balances are unsecured, interest-free and repayable on demand

11. Events after the Balance Sheet date

There have been no events after the balance sheet date affecting the Company since the financial year.

12. Loans

Analysis of the maturity of bank loans is given below:

2023 2022
£ £
Amounts falling due within one year 49,641 50,000
Amounts falling due 1-2 years 51,795 50,000
Amounts falling due 2-5 years 63,150 108,334
164,586 208,334

Analysis of the maturity of other loans is given below:

2023 2022
£ £
Amounts falling due within one year 1,012,065 205,663
Amounts falling due 1-2 years 68,030 1,062,783
Amounts falling due 2-5 years 55,820 111,074
1,135,915 1,379,520